HSBC Live+ Card Review (2024): Earn 8% Cashback On The Things You Love

Promising 8% cashback on dining, shopping, and entertainment, the HSBC Live+ Card is sure to turn heads. Here’s our review.  

If you’re looking for a cashback credit card that offers generous cashback for shopping, entertainment, and dining, the HSBC Live+ Card should be on your radar.

It offers a generous cashback rate of 8% on dining, entertainment, and shopping (till 31 December 2024). But that’s not all, you’ll also earn 5% cashback on petrol (Caltex and Shell) spends, and 0.3% cashback on all other spends.

But are there caveats to this 8% cashback? Read on to find out.

Table of contents

• HSBC Live+ Card: overview
• Pros and cons of the HSBC Live+ Card
• How the HSBC Live+ Card works
• HSBC Live+ Card: eligible merchants and categories
• Live+ perks and privileges
• Eligibility, fees & charges
• How to apply for the HSBC Live+ Card?
• Should you get the HSBC Live+ Card?

HSBC Live+ Card: overview

• Dining, shopping, and entertainment cashback: 8% (5% base cashback + 3% bonus cashback, until 31 December 2024)
• Petrol cashback (Shell and Caltex): 5% 
• All other spends: 0.3% 
• Min. monthly spend: S$600
• Cashback cap: S$250 per quarter
• Annual fees: S$196.20 (first year waived)
• Min. age: 21 years old
• Min. annual income requirement: S$30,000 for Singaporeans and Singapore PRs, S$40,000 for self-employed or commission-based Singaporeans or Singapore PRs, S$40,000 for foreigners 

HSBC Live+ Card: Pros & cons

How the HSBC Live+ Card works

The HSBC Live+ Card has a quarterly cashback mechanic, similar to credit cards like the UOB One Card and Maybank Platinum Visa Card.

It offers 5% base cashback on eligible dining, entertainment, and shopping transactions. However, from now till 31 December 2024, you can get an additional 3% bonus cashback on these categories, or up to 8% cashback.

In addition, you’ll earn 5% cashback on Caltex and Shell service stations in Singapore, and 0.3% cashback on all other eligible transactions.

But as previously mentioned, you’ll need to spend at least S$600 every month for an entire calendar quarter to get 5% (+3% bonus) cashback. Otherwise, the cashback rate drops to 0.3%. 

To maximise the quarterly cashback cap of S$250 per calendar quarter, you'll need a total spend of around S$3,125 in a quarter or S$1,042 per month. 

Another thing to note is that the HSBC Live+ Credit Card's cashback is computed on the posting date of the transaction and not the transaction date itself.  

For instance, suppose you made a transaction on 29 June but the transaction was only posted on 3 July. The transaction will be counted in July’s minimum spend and a new quarter cap (since July is in Q3). 

Here's a table to better illustrate:

Also, unlike most cashback credit cards, where the cashback is credited to offset your next month’s bill, the HSBC Live+ Card cashback programme works differently — you’ll only receive the cashback within two months after the end of each calendar quarter. This means, technically, you could be waiting up to five months to receive your cashback. 

But what if my card is issued/approved in the middle of a calendar quarter?

You might be wondering: since the HSBC Live+ Credit Card’s cashback system follows a calendar quarter, what happens if you sign up for the HSBC Live+ Credit Card in June, for example, when two months have passed? Does it mean you must sign up for the card at the start of every calendar quarter?

Thankfully, HSBC offers an exemption in your first quarter; all you need to do is to spend a minimum of S$1,000 in that quarter, and you can earn 8% cashback (shopping, dining, entertainment) or 5% cashback (Caltex and Shell). In other words, you don't have to spend S$600 per month in your first quarter to be eligible for maximum cashback. 

While you’ll still receive the cashback two months after the quarter ends, earning maximum cashback is more manageable as long as you spend at least S$1,000 in that quarter, regardless of the month. This can work in your favour if you have a big-ticket purchase coming up, as you can essentially spend it one month and ignore the rest of the remaining months of the quarter.   

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HSBC Live+ Card: Eligible merchants and categories

Dining

Dining merchants include caterers, restaurants, fast food outlets, and bakeries, both online and offline spend in SGD or foreign currency (but excludes hotel dining).

Shopping

Shopping merchants include online marketplaces, duty-free stores, discount stores, department stores, shoe stores, sporting goods stores, and more. These include both online and offline transactions in SGD or foreign currency.

Entertainment

Entertainment merchants include cables, satellite, and streaming services; record stores; digital goods; and motion picture theatres (eligible online and offline transactions in SGD or foreign currency). 

Petrol

Petrol transactions include only Caltex and Shell service stations in Singapore. These are coded MCC 5541 or 5542.

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Live+ perks and privileges

Besides cashback, the HSBC Live+ Credit Card offers additional dining, shopping, and entertainment discounts. Here’s a brief overview:

What charges or fees should you look out for?

• Annual fee: S$196.20 
• Late payment fee: S$100
• Minimum monthly payment: S$50 or 100% of monthly instalment amount (if any) and 100% of any interest, late fees, annual credit card fees, and overlimit fees; 1% of remaining outstanding balance, plus excess amount above credit limit also applies
• Overlimit fee: S$40
• Cash advance fee: 8% of amount withdrawn or S$15, whichever is greater
• Interest on purchases: 27.8% p.a. compounded daily from date of transaction until amount is fully paid. A fixed S$2.50 minium charge will also apply.
• Interest on cash advance: 28.5% p.a. compounded daily from date of transaction until amount is fully paid.
• Foreign currency transaction fee: 3.25%
• Dynamic currency conversion (DCC) fee: 1%

How to apply for the HSBC Live+ Card?

Click on the ‘Apply Now’ button on this page and complete the application on HSBC’s site. You can apply using MyInfo via Singpass to have your details pre-filled and get instant approval. Otherwise, you may need to provide ID and income documents.

For Singaporeans/PRs

Source: HSBC

For foreigners

Source: HSBC

Should you get the HSBC Live+ Card?

The HSBC Live+ Credit Card promises a generous cashback rate of 8% on shopping, dining, and entertainment transactions, provided that you can spend a minimum of S$600 per month in any calendar quarter. What's more, you can also earn 5% cashback on Caltex and Shell, and enjoy exclusive lifestyle discounts and perks. 

However, remember that cashback is only credited within two months after each calendar quarter, so you could wait up to five months to receive it. There's also a monthly minimum spend of S$600 in a quarter. Otherwise, your cashback will fall to 0.3%.

But if you can consistently spend that amount every month, then the HSBC Live+ Credit Card offers an attractive S$250 maximum cashback in a quarter, which is quite generous, especially at a time when cashback cards are getting nerfed left and right.

Ultimately, the HSBC Live+ Credit Card is best suited for consistent spenders who spend most of their monthly expenditures on the eligible categories, and who don't mind waiting for their cashback to be credited.   

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